Moody's rates First Capital Realty bonds Baa3

Moody's Investors Service said it assigned a first-time rating of Baa3 to the unsecured debentures of First Capital Realty Inc. The outlook is stable.

The agency said the rating reflects First Capital's market leadership position in many of the key metropolitan areas in Canada and its solid relationships with major tenants in the primary retail categories including grocers, drug stores, national banks, general merchandisers, apparel, bookstores and electronics.

In addition, given the structure of the Canadian retail property market and of Canadian retailing, Moody's believes it is unlikely that serious challenges to the company will present themselves over the intermediate term.

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